| The Good Neighbor Next Door (GNND) program | | | | must adhere to. Teachers must work in a state |
| offered is a great way for the everyday service | | | | accredited public or private school teaching K-12 |
| heroes in the United States to purchase a home | | | | students and the serve students from the area |
| that has gone into a HUD foreclosure. These | | | | where the hudhome is located. Firefighters and |
| homes and their mortgages are insured through | | | | EMTs must be employed by a fire department or |
| the FHA or Federal Housing Association and when | | | | emergency medical services responder unit of the |
| the buyers who live in those homes can't afford | | | | federal, state, town or local government or an |
| the payments go into foreclosure are offered to | | | | Indian tribal government and serve in the area |
| the public. Being on the list gives you an | | | | where the home is located.o Owner Occupied - |
| advantage in bidding for and obtaining these | | | | As stated above, you must agree to the |
| HUDhomes. | | | | restriction of living in the HUDhome in an |
| Because the professions mentioned above are | | | | owner-occupied manner for three years beyond |
| considered to be good neighbors, HUD offers the | | | | the closing. If interruption of those three years |
| program to them as well as Emergency Medical | | | | occurs and is deemed as a hardship, you may be |
| Techs (EMT) and gives them the chance to own | | | | permitted to sell the HUD home. Long-term |
| a home in the areas they work. There are some | | | | vacations must be in writing and you must agree |
| guidelines for the GNND rewards program in order | | | | to resume occupancy upon your return.o Financing |
| for you to obtain a new home, let's take a look | | | | Incentives - You must finance all reasonable and |
| at them and see how you can qualify if you are a | | | | customary closing costs and be able to make a |
| firefighter, teacher, police officer, or EMT.o Live | | | | down payment of at least one-hundred dollars and |
| Where You Work - The professionals who fall | | | | is not good for multiple properties, only one repo |
| under the GNND program are restricted to those | | | | home may be purchased.o Post Purchase |
| who choose to buy HUDhomes in the areas | | | | Obligations - You must continue to own and live in |
| where they serve and work. For instance, if you | | | | the HUDhome you purchase and certify both |
| serve in a certain neighborhood in a big city, and | | | | initially and annually thereafter that you are |
| fall under one of the professions, you are eligible | | | | continuing to reside in the home.o Preliminary |
| only to purchase within that neighborhood's limits, | | | | Interest - If no offers are made by any GNND |
| unless you are a law enforcement officer. The live | | | | during the preliminary interest on a HUDhome are |
| in/serve in rule does not apply to police officer.o | | | | made, HUD will release the property for general |
| Time Limits and Employment - All people who | | | | public bid on a competitive basis.o Required |
| wish to buy a HUD repo home must agree to | | | | Documents - If you utilize the program, along with |
| make the HUD home their only residence for | | | | your sales contract, you must complete and |
| three years following the purchase and must be | | | | provide the following documents:o Inspection |
| employed in their profession full time.o Top Points | | | | Addendumo Owner-Occupant Certification Formo |
| - The rewards program offers these | | | | Radon Gas & Mold Notice and Release |
| professionals a 50 percent discount off the listing | | | | Agreemento 9549-A if you are a law |
| price and the HUDhome must be in a revitalization | | | | enforcement officero 9549-B is you are a |
| area. All bidders are selected through a lottery | | | | teachero 9549-C if you are a firefighter or EMTo |
| program and offers must be submitted through a | | | | 9549-E - Employer verification formo Land Use |
| licensed real estate broker who is certified to sell. | | | | Restriction Addendumo Flood Zone Addendumo |
| You must also be able to produce some earnest | | | | Methamphetamine Disclosure Form from Seller in |
| money at the time of your offer, which is | | | | Minnesota and South Dakota onlyo Mortgage |
| returned to you if you do not receive the lottery | | | | Pre-Qualification Letter - this must be from a |
| bid win.o Restrictions - If both you and your | | | | lending institution staring that an in-house credit |
| spouse fall into the professional rewards program, | | | | check has been performed and you are |
| only one of you may apply and you can only | | | | pre-qualified to obtain a mortgage.o Certification |
| apply once for the program.o Descriptions of Each | | | | from the Financial Institution - this must state |
| GNND - Each professional who qualified for the | | | | whether the purchase is cash or that funds will be |
| program has certain descriptions. Law | | | | available on the day of closing. |
| Enforcement professionals or officers must be | | | | All professionals must follow these guidelines and |
| employed by a law enforcement agency of the | | | | submit the appropriate forms. Any real estate |
| federal, state, local or Indian tribal government | | | | broker who is licensed to sell HUD homes will be |
| and sworn to uphold their divisional or municipal | | | | able to help you understand and obtain all of these |
| laws. Law Enforcement Officers are not restricted | | | | forms in order for you to complete your |
| to the work/live rule that other professionals | | | | purchase. |